What’s In Anthropic’s I.P.O. Filing

Andrew here in Washington. A group of tech executives are headed to lunch at the White House with President Trump on Tuesday. We’ll bring you a readout on Wednesday.

Breaking this morning: Oura, the health-tracking ring maker, is postponing its I.P.O., citing market “uncertainty.” It appears to be the latest offering to fall victim to climbing interest rates. But the real question is whether a broader market chill could force Anthropic to pause its listing.

Anthropic is the tech economy’s canary in the coal mine. We got a sneak peek at its 2025 financials last night via a prospectus obtained by Reuters. Beyond the top-line numbers, the most important takeaway is Anthropic’s systemic risk. Tech giants like Amazon and Google hold huge stakes in Anthropic, which sit on their balance sheets at high valuations. If Anthropic delays its debut or prices at a discount, it sets off a cascading mark-to-market event. A markdown would invariably drag down the implied valuation of OpenAI, too, which in turn would threaten its megacap backers, including Nvidia. If this I.P.O. window closes, it threatens to expose those “circular financing” fears we’ve been warning about here for months. More below.

Big growth, and big losses

Wall Street and Silicon Valley are buzzing over the latest disclosure involving an artificial intelligence lab. Reuters just published an exclusive about Anthropic’s I.P.O. prospectus.

Article source: https://www.nytimes.com/2026/09/29/business/dealbook/anthropic-ipo-filing-s1.html